Adelaide market update (1) 23/8/16

Nationally this past week there were 1747 capital city auctions with preliminary results showing that 1485 of them were reported at the time of writing this article. This shows a preliminary clearance rate of 76.6% which compared to the same period last year there was an increase from 72.9%. While this shows a rise, there has been a significant drop in auction volumes with 2248 recorded the previous year.

The Adelaide auction market softened slightly with the clearance rate falling again this week to 66.2% from 68.8% the previous week. Comparing this to the same period last year it is significantly lower where the clearance rate was 72.2%.

In total Adelaide hosted 93 auctions this week which is 3 more than the same period last year.

Adelaide has noticed a decrease in new listings compared to the previous 12 months down 11.1% to 1722 however there has been an increase in total listings to 7886 which is 7.3% up over the 12 months. What this indicates is that people are holding onto their properties for longer than they we’re in the past.

With spring just around the corner there will likely be an increase in new listings on the market however this may not be to the levels in which we have seen in past spring seasons. It’s important to note that many renovators and developers aim for spring sales and this has a tendancy to cause an increase stock and choice for buyers.